Here are comparative balance sheets for Velo Company.
VELO COMPANY
Comparative Balance Sheets
December 31 |
| Assets |
2017 |
2016 |
| Cash |
mce_markernbsp;73,000 |
mce_markernbsp;33,400 |
| Accounts receivable |
86,500 |
70,900 |
| Inventory |
170,000 |
187,000 |
| Land |
72,900 |
100,300 |
| Equipment |
261,000 |
200,700 |
| Accumulated depreciation-equipment |
(66,000 |
) |
(34,200 |
) |
| Total |
$597,400 |
|
$558,100 |
|
| Liabilities and Stockholders' Equity |
| Accounts payable |
mce_markernbsp;35,400 |
mce_markernbsp;47,000 |
| Bonds payable |
148,800 |
203,600 |
| Common stock ($1 par) |
216,500 |
175,300 |
| Retained earnings |
196,700 |
|
132,200 |
|
| Total |
$597,400 |
|
$558,100 |
|
Additional information:
| 1. |
Net income for 2017 was $101,800. |
| 2. |
Cash dividends of $37,300 were declared and paid. |
| 3. |
Bonds payable amounting to $54,800 were redeemed for cash $54,800. |
| 4. |
Common stock was issued for $41,200 cash. |
| 5. |
No equipment was sold during 2017, but land was sold at cost.
|
Prepare a statement of cash flows for 2017 using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000, or in parenthesis e.g. (15,000).)